UPDATE: Cantor Fitzgerald Downgrades Parkway Properties to Hold Following Recent Outperformance

Cantor Fitzgerald reduced its rating on Parkway Properties

from Buy to Hold but raised its price target from $13.50 to $14. Cantor Fitzgerald commented, "Although we estimate that PKY continues to trade with an NAV discount (-9.0% as of 9/28), we are opting to capture recent outperformance and move to neutral, from our prior overweight position. Parkway was among the top performing REITs throughout the third quarter, returning 18.1%." Parkway Properties closed at $13.16 on Monday.